A typical transaction in the foreign exchange trading industry involves two exchange traders (i.e., from different banks) who enter into a communication for the purpose of trading currency at an agreed upon exchange rate measured at an agreed upon time. Transactions such as these are initiated by a trader who, for example, sends a request for quote (RFQ) to a second trader (at another bank). The first and second traders can then negotiate the rate at which the currency pair which makes up the subject matter of the negotiations is to be exchanged. Presently, foreign trading transactions occur over relatively conventional means, such as the telephone, or relatively newer means, such as a computer-based communication network.
Although the relative merits of the prior art systems may be arguable as to their effectiveness for communication, each of the prior art systems allow an undesirable trading scenario to take place. Namely, the prior art systems allow for trading conversations to occur in "stereo". "Stereo" is a term of art describing the situation where two different trading conversations are taking place at the same time between a pair of banks, and where each trading conversation concerns the exact same currency pair. Generally, banks do not wish to be in a situation where traders in the same bank are bidding against each other. This situation can happen quite by accident, such as where two pairs of traders are unknowingly engaged in a trading conversation involving the same currency pair. Alternatively, "stereo" trading may occur when a single trader knowingly engages in a trading conversation with two different traders at the same bank at the same time and concerning the same currency pair.